These perils – flood, storm and escape of water – represent a major part of any insurer’s indemnity spend, particularly on Personal lines – and especially of course during a CAT situation.
Claims are normally dealt with by a mixture of internal Claims handlers, damage restoration suppliers and external loss adjusters.
For some while, we have considered that this area of claims resulted in significant leakage, not least because of this tri-partite working relationship. Arising out of this, we recently carried out a detailed audit & review for a UK insurer which revealed that there was indeed significant leakage. This led us to make a series of recommendations to save this level of leakage and increase profitability – plus also policyholder satisfaction. The audit was undertaken by an expert FCL team that combined specialist knowledge of damage restoration work and also the loss adjusting and Claims perspectives.
Chris Netherton, who led our team, will be giving a presentation on the results of our work, and the opportunities it offers, at the Insurance Internal Audit Group (‘IIAG’) conference on Friday 13 March in London.
For details of this seminar, or to hear more about this innovative audit, please go to firstname.lastname@example.org or contact our Katy Emerson at email@example.com